The GBP/USD pair continues to engage in a sideways motion and consolidation after breaking through the 1.070 resistance level, which has now transformed into a new support zone.
In the short term, the currency pair remains confined within a range, experiencing a couple of false breakouts. The next movement seems to favor the buyers, however, close monitoring is required given the upcoming catalysts. Key events to watch include statements from the Federal Reserve expected later today, as well as the UK Consumer Price Index inflation data and the Federal Open Market Committee (FOMC) minutes set to be released on Wednesday. These developments could significantly influence the pair's trajectory.
In the short term, the currency pair remains confined within a range, experiencing a couple of false breakouts. The next movement seems to favor the buyers, however, close monitoring is required given the upcoming catalysts. Key events to watch include statements from the Federal Reserve expected later today, as well as the UK Consumer Price Index inflation data and the Federal Open Market Committee (FOMC) minutes set to be released on Wednesday. These developments could significantly influence the pair's trajectory.
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